"It will mean more people now have inflation-beating rates of return on their savings, however treating this situation as the new normal is not the best course of action as it may only be temporary.

"The crisis will pass and the economy will open back up. This could quite conceivably lead to a spike in inflation as many households with pent up cash are unleashed on the high street.”

Why did inflation fall?

A drop in petrol and diesel prices, along with lower energy bills were the main causes of the decrease in CPI inflation.

Average petrol prices fell by 10.4p per litre between March and April 2020, which is the largest monthly fall since 1990.

Similarly, the cost of energy for a typical standard variable tariff is predicted to fall by 1% this year as a result of the wholesale cost of energy falling.

Jonathan Athow, deputy national statistician at the ONS, says: “Falling petrol and diesel prices, combined with changes to the domestic energy price cap were the main reasons for lower inflation in April.”

Which prices went up?

The cost of goods such as video games, consoles, board games and toys rose over this period, which the ONS attributes to people spending more time at home due to the coronavirus lockdown.

Despite the overall cost of food falling 0.1%, the price of fresh vegetables including potatoes, carrots and onions rose from March to April as well.

Which are the best inflation-busting deals?

The best easy access savings deal is NS&I Income Bonds, which pays 1.16%.

This is followed closely by Family Building Society Market Saving Tracker which offers 1.13%.

The number of savings deals has dwindled steadily since the beginning of March this year.

Savers are being advised to regularly check best buy tables and snap up good savings deals before they disappear.

Anna Bowes, co-founder of Savings Champion says: "As expected with such a big drop in inflation, even though savings rates are being cut, there are still many more accounts that match or beat inflation at the moment.

"However, this situation could change going forward, so it’s really important to make sure that your cash is in the best paying accounts that you can find to mitigate the effects of inflation as much as possible."